DALLAS, HOUSTON AND SAN ANTONIO — CBRE Capital Markets has arranged a $52.2 million refinancing loan for a portfolio of nine industrial properties in Dallas, Houston, San Antonio and Atlanta. The assets comprise 20 multi-tenant buildings totaling nearly 2 million square feet, including 19 buildings and 1.5 million square feet in Texas. The Texas properties are located in the Northwest Dallas, South Stemmons (Dallas), Northwest Houston and North Central San Antonio submarkets. The portfolio was 90 percent leased to a total of 62 tenants at the time of the sale. The five-year, floating-rate loan includes interest-only payments for the entire term. CBRE arranged the loan through J.P. Morgan on behalf of a joint venture between Sealy & Co. and AEW Capital Management.
Texas
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of McKinney Park, a 250-unit multifamily community in Denton, a northern suburb of the Dallas/Fort Worth Metroplex. Constructed in 1999, the property is located at 191 Duchess Drive, in close proximity to Loop 288 and Interstate 35. The complex offers one-, two- and three-bedroom units, which were approximately 90 percent occupied at the time of the sale. Al Silva of Marcus & Millichap, in conjunction with the firm’s Seattle-based Tax Credit Group, represented the seller, a national owner based in Washington state. Silva also secured the buyer, a local partnership that plans renovations for the complex.
SAN ANTONIO — Developer Carter has broken ground on Tetro Student Village, a 198-unit, 590-bed student housing complex serving the University of Texas at San Antonio. The Atlanta-based firm is using a 14-foot food truck known as the Tetro Truck as a “mobile leasing center,” as it will visit nearby festivals, parks, sporting events, restaurants and bars to promote the new community. Cardinal Group Management is currently leasing units for the 2014-2015 academic year and will manage the property upon opening. Units will range from one to four bedrooms, and amenities will include a coffee shop, sports bar, fitness center, media room, swimming pool and tanning room.
SAN MARCOS, TEXAS — World Class Capital Group LLC has acquired State Flats, a 162-unit student housing community near the campus of Texas State University in San Marcos. The property, located at 1640 Aquarena Springs Drive with frontage on Interstate 35, offers one- and two-bedroom apartments in townhome and single-floor configurations. Amenities include two swimming pools, a fitness center and a sand volleyball court. World Class Capital, based in Austin, operates a commercial portfolio in 12 states.
HOUSTON — Jones Lang LaSalle (JLL) has brokered the sale of Northwest Crossing Centre, a 179,469-square-foot shopping center in Houston. Best Buy, Marshalls, Big Lots and Shoe Carnival anchor the center, which was fully occupied at the time of the sale. The property is located at the intersection of U.S. Highway 290 and Hollister Road, shadow anchored by Target and in proximity to Houston’s CBD and Galleria submarkets. George Cushing and Wendy Vandeventer of JLL marketed the property on behalf of the seller, Weingarten Realty. Jimmy Board of JLL secured 10-year, fixed-rate financing for the buyer, USA Properties.
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of University Crest Apartments, a 105-unit multifamily complex in Southeast Austin. The property, located at 1616 Royal Crest Drive, includes of 12 garden-style buildings, a management office and a swimming pool on nearly five acres. Ellen Muskin of Muskin Commercial represented the seller, San Diego-based Crest Apartments LLC. Royal Crest LLC purchased the facility with financing from Arbor Commercial Funding LLC.
CLEVELAND, TEXAS — Full-service real estate firm ARA has brokered the sale of Kirbywood Apartments, a 72-unit multifamily community in the Northeast Houston suburb of Cleveland. Constructed in 1978, the Class B property is located at 307 Kirbywood Drive and offers one- to three-bedroom apartments plus amenities including a swimming pool, playground and laundry facility. The complex was 95 percent occupied at the time of the sale. Jon Boone, Jeff Patterson and Kelly Witherspoon of ARA represented the seller, a Houston-based private investor. The buyer is an investment company based in California.
RICHARDSON, TEXAS — Hudson Peters Commercial has brokered the sale of an 11,420-square-foot office building in Richardson. Located at 212 W. Spring Valley Road, the two-story property is in close proximity to State Highway 75 and Interstate 635. Janice Peters and Michelle Hudson of Hudson Peters represented the seller, Medwed Properties, in the transaction. Kent Smith of NAI Robert Lynn represented the buyer, Modjarrad & Abusaad Law Firm.
AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Las Colinas, a 178-unit apartment community in Austin. Located at 1500 Reagan Hill Drive in the city’s Northeast submarket, the property is in proximity to State Highway 183, State Highway 290 and Interstate 35. Andrew Shih and Matt Pohl of ARA represented the seller, Quez Capital, which purchased the garden-style complex in 2012 and upgraded cabinetry, flooring and appliances in many of the units, as well as the communal clubhouse, courtyards and building exteriors. A private investor based in Minnesota purchased the asset, which was 97 percent occupied at the time of the sale.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 36,006-square-foot flex property in the Great Southwest industrial district of Arlington. Constructed in 1965, the building is located at 925 111th St., in close proximity to Interstate 30. Features of the asset include 16-foot clear heights, heavy power, three dock-high doors and two dock doors with levelers. Joe Santaularia, Kevin Santaularia and Michael Spain of Bradford represented the seller, Tennessee-based Dominion Enterprises. Michael Stanzel of NAI Robert Lynn represented the buyer, locally based Duralite Natural Stone LLC, which will occupy the facility within two months.